Translation: I think...
IMC=Instrument Meteorological Conditions

DME= Distance measuring equipment - Stated as DME in communications, "what is your DME from the airport"?

VOR=Very high frequency Omnidirectional Range. A radio navigation aid operating in the 108-118 MHz band. A VOR ground station transmits a two-phase directional signal through 360°. the aircraft's VOR receiver enables a pilot to identify his radial or bearing from/to the ground station. VOR is the most commonly used radio navigation aid in private flying.

ILS=Intrument Landing System. A precision instrument approach system, generally used to land at fields experiencing weather

IP= going with a pilot instructor here

PIC=Pilot In Command. The pilot responsible for the operation and safety of an aircraft during flight time

PTS= pretty sure it means practical test standards

CFI = A pilot holding a Commercial pilot certificate who, after passing two written tests and a practical flight exam, is FAA-rated to give flight instruction. The flight instructor rating is specific as to type of instruction, eg, single-engine airplane, multi-engine airplane, instrument flying (CFII), helicopter and stuff

so yea, i've still got no freaking idea...